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Saudi Roadmap to Build World’s Largest Park

King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
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Saudi Roadmap to Build World’s Largest Park

King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)

At a time when Riyadh’s green strategy is in full swing, an official source at the King Salman Park Foundation confirmed that efforts are underway to transform the proposed large-scale public park and urban district in Riyadh into a tangible reality.

Director of Public Relations and Marketing at the King Salman Park Foundation Faisal Al-Majed revealed that a road map for operational work is currently being carried out.

According to Al-Majed, the Foundation’s participation at Riyadh’s International Exhibition and Forum on Afforestation Technologies, which was held from May 29-31, confirms its commitment to planting one million trees.

Al-Majed noted that the Forum had advanced efforts on exchanging research and expertise and contributed to launching a scientific study that can map out the implementation of the park project.

Speaking to Asharq Al-Awsat, Al-Majed confirmed that the Foundation will work to re-engineer the park’s soil to prepare it for planting.

Soil re-engineering includes adding more than one layer of soil and microorganisms.

Moreover, it also incorporates increasing the level of nitrogen to increase fertility.

The Green Riyadh project alone will see 7.5 million trees planted across the capital, and will contribute to an increase in per capita green space.

Al-Majed noted that gains from such projects include boosting biodiversity, whether in birds, insects, or the green environment of the city of Riyadh.

He also pointed out that King Salman Park Foundation is one of the four major projects launched by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz in March 2019.

King Salman Park is built on more than 16km2 to become the largest urban park in the world offering a wide range of options and quality activities for the city's residents and visitors.

The Park will contribute significantly to increasing the vegetation in the region and raising the rate of per capita green spaces, which will have a direct and positive impact on the quality of the environment and the climate.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.